Business
Greenlane Accelerates Acquisition Strategy and Achieves Second Consecutive Quarter of Record Greenlane Brands Revenue in Q1 2021
A strong start to 2021 with the pending transformational merger with KushCo and acquisition of EyceGreenlane Brand sales sets back-to-back quarterly sales
About this update from Greenlane Holdings, Inc.
[{"type":"text","content":"A strong start to 2021 with the pending transformational merger with KushCo and acquisition of EyceGreenlane Brand sales sets back-to-back quarterly sales records now accounting for 25% of total revenue for Q1 2021 and core revenue grows to 95% of total revenue. BOCA RATON, Fla., May 18, 2021 (GLOBE NEWSWIRE) -- Greenlane Holdings, Inc. (“Greenlane” or \"the Company”) (Nasdaq: GNLN), a global house of brands and one of the largest sellers of premium cannabis accessories, child-resistant packaging, and specialty vaporization products, today reported financial results for the first quarter ended March 31, 2021. Note, for the highlights below, core revenue is defined as all non-nicotine revenue and Greenlane Brand revenue is inclusive of Eyce figures since acquisition. First Quarter 2021 (“Q1 2021”) Highlights Greenlane Brands registered back-to-back record quarterly sales records, growing 9.4% from Q4 2020 to a to a now record of $8.5 million for Q1 2021; corresponding to a 18.4% growth over the $7.2 million sales for Q1 2020; VIBES performed exceptionally well during the quarter and achieved a quarterly sales revenue record of $2.7 million, a 72.8%, increase for Q1 2021 compared to Q1 2020;As of Q1 2021 Greenlane Brands accounted for 25.1% of total revenue compared with 21.3% of total revenue for Q1 2020; Q1 2021 core revenue (defined as non-nicotine revenue) grew 11.6% to $32.3 million, compared to $28.9 million in Q1 2020;Total revenue increased 0.4% to $34.0 million for Q1 2021, compared to $33.9 million for Q1 2020;Gross profit and gross margin were flat at $7.3 million and 21.5% respectively; excluding for the impacts of damaged and obsolete inventory, gross margin would improve to 24.1%, up 260 basis points;Acquired Eyce, the world’s leading brand of silicone smoking products; andAnnounced definitive merger agreement between Greenlane and KushCo Holdings, Inc. (“KushCo”) which will establish the leading ancillary cannabis company and house of brands. Management Commentary “Our first quarter 2021 results demonstrate our continued forward momentum on the heels of a successful 2020,” said Aaron LoCascio, Greenlane’s Chairman and Chief Executive Officer. “This quarter saw significant progress on the execution of one of our key growth strategies, with the acquisition of Eyce, further adding to our portfolio of premium owned bran...